PLEASE NOTE: We are able to fully assist you during these difficult times. We are offering our clients and prospective clients the ability to meet with us via telephone or through video conferencing. Please call our office at 914-948-1500 so that we may assist you.

We are pleased to announce the reopening of our White Plains office location for in-office meetings. We are following the applicable New York State regulations for Phase 2 re-openings. These regulations limit in-person gatherings, so although we will hold a select number of in-person meetings, we will continue to encourage telephone and video-conference meetings whenever possible. We have implemented health and safety procedures for all staff, as well as those clients who come into the office. Please click here for in-office meeting procedures.

Elder Planning Isn't Just For The Elderly

What is Medicaid planning?

This blog has previously discussed the various ways one can plan for his or her potential long-term care needs. Long-term care insurance, for example, may be a piece of the puzzle, but it likely won’t be enough, and the claims process can be especially challenging. Medicare could also help alleviate the financial strain, but even this government program has its limits. In addition to creating estate planning accounts devoted to long-term care needs, New Yorkers can also pursue Medicaid, which can provide a lot of financial relief during your time of need.

However, this program has eligibility limits that are tied to assets and income. On its face, these requirements may seem cut-and-dry, but there are some legal maneuvers that can, from a legal aspect, reduce the income and assets an individual holds, thereby allowing him or her to qualify for Medicaid. Certain trust assets won’t be counted for Medicaid eligibility purposes, and those assets that are counted may be able to be converted into non-countable assets. Medicaid planning is the process where you can better ensure that you recover these benefits while protecting the other assets in your estate plan.

By failing to have a detailed and thorough Medicaid plan, you may have your claim denied. This not only costs you money but a significant amount of time, too. It may also put your loved ones at risk of losing out on the assets you wish for them to inherit.

For these reasons, when you’re dealing with a complex estate with numerous assets, you don’t want to try to tackle this issue on your own. Instead, you should consider sitting down with an experienced Medicaid planner who can help you devise a plan to put you in a position to protect your financial interests and well as your long-term healthcare needs. No matter your age or health condition, it is important to become informed and to take steps to protect our future.